beautiful woman human robot artificial intelligence

Exploring AI for NetSuite

In today’s technologically advanced world, staying ahead in business means embracing the latest technologies that can drive efficiency, enhance decision making and foster innovation. Artificial intelligence (AI) has emerged as a powerful tool for businesses, proving to be an invaluable asset for every day operations across a variety of industries. From streamlining complex processes to providing deep insights into trends, AI’s diverse capabilities are transforming the business landscape.

Among the applications of AI in business, its integration into existing software has been particularly beneficial, especially those that aren’t as technically advanced. NetSuite continually adapts and updates its range of products to incorporate the most advanced technologies and AI is no different. The NetSuite 2024 Release 1 offers new AI capabilities and is designed to enable businesses to benefit from AI without the cost and complexity of navigating new systems. The new and improved NetSuite products are revolutionising business management, enhancing performance and helping teams achieve more.

The Role of AI in Today’s Business World

AI is more than just a buzzword, it’s transforming how businesses operate. With its ability to learn and adapt, AI helps businesses stay at the forefront of efficiency and innovation. Not only does it automate routine and repetitive tasks, speeding up processes and reducing the likelihood of human error, but it also processes large volumes of data with ease. With the help of AI, employees can focus on more strategic activities, increasing overall operational efficiency.

The application of AI ranges from automating customer service with chatbots to optimising supply chain management, enabling common business processes to become more refined and responsive. The integration of AI is here to stay and it will continue to redefine the business ‘norm’, with both general and industry-specific advancements impacting day-to-day operations.

AI’s Integration into NetSuite

For businesses already using NetSuite, the integration of AI into systems can result in more streamlined and effective operations. AI enhances various features of NetSuite, from Enterprise Resource Planning (ERP) to Customer Relationship Management (CRM), and the new upgrade is being rolled out at no additional cost to businesses.

By updating existing NetSuite products with AI, businesses don’t have to become AI experts. They can continue to use the software systems they are familiar with, but benefit from everything AI has to offer. Whether it’s managing finances, sales or HR, operations can be streamlined and deeper insights can be provided, all without having to get your head around new, complex technology. Your entire business can benefit from the way NetSuite works and AI can improve operational outcomes across departments.

New AI Features in NetSuite

Evan Goldberg, co-founder of NetSuite, recently discussed the evolution of NetSuite and embracing AI with CFO Thought Leader, highlighting AI’s indispensable role across industries. Whether businesses already have NetSuite or are considering upgrading their existing software to a smart, flexible and cloud-based solution, here are some of the new AI features that can support daily workflows and improve business performance:

  • Generate Personalised Content

One of the biggest benefits of AI is that it enables more personalised experiences for users, by learning from their interactions with the system. This means NetSuite can now offer tailored recommendations specific to the needs of each business, including creating contextual and personalised content. NetSuite Text Enhance is designed to help improve employee productivity and it can assist with content creation for everything from product descriptions to customer support communications. This generative AI service uses NetSuite data to create first-draft content for employees, speeding up daily tasks.

  • Produce Forecasts

AI predictive algorithms in NetSuite now provide advanced analytics that help in forecasting trends and making proactive business decisions. This capability allows businesses to anticipate market changes and customer needs more accurately. NetSuite Planning and Budgeting now benefits from Intelligent Performance Management (IPM), which is powered by machine learning. Using predictive algorithms, businesses can monitor forecasts, uncover trends and improve predictions about future performance. AI-based analysis also enables businesses to identify anomalies and take action to rectify them.

  • Analyse Data

Within NetSuite, businesses can collate important data and generate reports that enable them to uncover insights. Using these reports, businesses can improve the decision-making process and achieve desired outcomes. NetSuite Analytics Warehouse uses prebuilt AI models to deliver deeper insights. By providing access to a collection of dashboards and quickly building reports, AI offers enhanced visibility and helps employees identify patterns and opportunities within data. Uncovering insights, such as key drivers of revenue growth, can simplify various sources of data and support ongoing business success.

Investing in NetSuite Solutions

As AI continues to evolve and become more sophisticated, its integration into business solutions like NetSuite is inevitable. It’s fair to say the enhanced capabilities provided by AI not only improve the efficiency and effectiveness of day-to-day business operations but also provide opportunities for innovation and growth. For businesses wanting to gain a competitive edge and thrive in a saturated market, investing in NetSuite products and using AI to your advantage can have a significant impact on both short-term and long-term success.

Contacting a knowledgeable NetSuite consulting partner is the best way to implement NetSuite into operations, ensuring the software meets all of your business requirements. At OSSM, we have a team of highly experienced NetSuite experts and we genuinely care about the outcomes of the projects we work on. We can guide you through the integration of NetSuite into operations and help you leverage the new AI capabilities, transforming your business’ capabilities. If you have any questions about NetSuite solutions or our implementation services, don’t hesitate to get in touch with our team.

About the Author

Picture of Roger Gribbin

Roger Gribbin

Roger Gribbin is an IT professional with over 25 years of experience in various roles, involving assisting customers with selection projects for ERP, CRM, and BI, as well as hands-on implementation and project management in medium-sized organisations in Ireland. He currently serves as the Sales Director for the Noledge Group, which comprises OSSM, a NetSuite Solution Provider, and Envisage, a Sage 200 and Sage Intacct Partner.